Member Info for Cowichan

You live up to your name

keep up the spam with your friend steve-o

seems it's all you're capable of

25th - 26th June 2024

Draft Programme and Agenda

Session One

The conundrums of mining equity investing today

Is the listed market the right vehicle for mining investing, when boards appear unwilling to invest in a counter-cyclical way?

Could unlisted sources realistically replace equity markets for raising mining finance (PE, sovereign wealth funds, royalty groups)?

Are active funds worth their fees?

Why are gold equities underperforming the gold price?

Jim Rutherford, Non-Executive Chairman, Centamin

Session Two

The continuing relevance of gold

Why is the price so high?

Can we find enough replacement ounces?

Is Africa adequately explored for gold?

Martin Horgan, CEO, Centamin

https://www.londonindaba.com/delegates/2024-agenda-25-26-june-2024

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My Thoughts:

Loaded questions for Mr Rutherford and his co-panelists to tackle. Begs the question, would Centamin consider delisting? I guess we may find out later this month...

And I will post it for the benefit of all shareholders at the top of my LinkedIn profile here:

https://www.linkedin.com/in/don-lawson-98619370/

that way Centamin's BOD can put the rumors to bed , since you have the email I'll give you until Monday...

"The gaps between gold exports from Africa to Canada and gold imports into Canada from Africa are very large for the years 2016–2018 Egyptian authorities reported no gold exports to Canada for those years."

"When asked about this, a representative of the Asahi Refining Canada refinery, which imported large quantities of gold from Egypt during the same period, replied: “I don’t know why it wasn’t reported by Egyptian Customs but I can assure you everything was legal and totally above board.” " https://www.asahirefining.com/

"The 2021 discrepancy could also be the result of an error on the Egyptian side. The Egyptian authorities reported gold exports to Canada of 24.5 tonnes that year, while their Canadian counterparts reported gold imports from Egypt of only 13.8 tonnes."

"Gold exports from African countries to Australia between 2020 and 2022 were higher than the mirror data (see Figure 58). The differences are particularly marked in 2020 and 2021. In these years, Egyptian authorities reported quantities of gold for export to Australia (3.9 tonnes in 2020 and 2.4 tonnes in 2021) that were not reported by their Australian counterparts for import into Australia. SWISSAID assumes that this is a simple error on the part of Egyptian Customs but cannot rule out the possibility that this gold was imported into Australia without being declared."

"Similarly, gold supplies from Mauritania (2021) and Egypt (2021) were attributed to refineries that never imported the gold."

https://swissaid.kinsta.cloud/wp-content/uploads/2024/05/SWISSAID_On-the-trail-of-african-gold_2024_ENG.pdf 

Centamin's notes in the Annual Report

* "The committee noted that the external audit team provided suitable challenge to management’s assumptions, in particular to the significant issues set out at the beginning of the report and in relation to the assessment of the new refining contract." 

** "All gold and silver sales up to 30 June 2023 were made to a single customer in North America, Asahi Refining Canada Ltd (“Asahi”). Asahi’s contract expired on 30 June 2023 and effective 1 July 2023, all gold and silver sales were made to another single customer in Switzerland, MKS Pamp SA (“MKS”)." https://www.mkspamp.com/

( *page 53 & ** page 80 Centamin Annual Report https://www.centamin.com/media/3056/centamin-ar23-web.pdf )  

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My Thgoughts:

Who is to say what the hell was going on with Centamin's refiner but this much is certain, Centamin attracts trouble and Egypt attracts double.

Sotolo,

I don't know if 'taxes' will be how Centamin will eventually sell it to the Market , but it's more to do with discrepancies in accounting over the last several years, and more specifically - the creative accounting Ross used to reclassify sustaining capex vs non-sustaining and to which account reimbursements for such expenses applied

looking at this claim as mere 'discrepancies' is also the reason we have not (at least non-institutional investors!) seen an RNS regarding the issue as those Egyptian lawyers advising Centamin management think there is a reasonable chance to dispute the claim - but this is Egypt and what is reasonable is not always reasonable

somebody also suggested Centamin write off the CBE accounts receivable past due to the claim - the amounts perhaps lining up nicely - maybe

if one had to name the party with power over the outcome, sadly it would not be Centamin

It's why Barrick doesn't even mentioning Egypt in its results/exploration updates and hasn't for some time. The 'one year' capped executive regulation negotiations dragged on over two years and failed to reach an agreement - so it as if the EMRA was never negotiating in good faith from the beginning. Quite telling when Saudi Arabia is a more trustworthy business partner to Barrick than Egypt.

New Ministry of Mineral Resources

Mr. Al-Abnoudi , May 29, 2024

The economic landscape in Egypt expresses an urgent need for a radical and strategic transformation, especially in the mining sector, which for years has carried with it huge potential that has not yet been optimally exploited.

Establishing an independent Ministry of Mineral Resources in Egypt is not just an administrative step, but rather a redefinition of how we manage and invest our natural wealth. This step reflects confidence and flexibility in dealing with serious investors, and opens the door to more effective participation in extracting and manufacturing mineral resources instead of exporting them as raw materials. It also contributes to enhancing efficiency and flexibility in managing mineral resources and attracting huge investments.

While nature reveals its buried treasures to us, official statistics show that total revenues from this sector amounted to only 3.8 billion pounds during the fiscal year 2024/2025

We also look at the Kingdom of Saudi Arabia, this sister country that shares many geological formations with Egypt, but has excelled in appreciating and investing its wealth. Saudi Arabia has raised its estimates of mineral wealth to 9.4 trillion riyals, equivalent to 2.5 trillion dollars, using global expertise and solid plans to achieve these amazing numbers. This successful model may serve as a warning bell for us, urging us to draw inspiration from lessons and adapt them to our national peculiarities.

https://elbarima.com/%D8%A7%D9%84%D8%AA%D8%B9%D8%AF%D9%8A%D9%84-%D8%A7%D9%84%D9%88%D8%B2%D8%A7%D8%B1%D9%8A-%D8%A7%D9%84%D9%85%D8%B1%D8%AA%D9%82%D8%A8-%D9%87%D9%84-%D8%B3%D8%AA%D8%B4%D9%87%D8%AF-%D9%85%D8%B5%D8%B1-%D9%88/

Since when is sharing info about a publicly traded company equal to a provocation?

even if my info is negative, it could be useful

it is only those who are so indoctrinated , so religiously devoted ( not unlike a cult ) in their thinking who would find it a provocation -

be free to think , use your own good judgement & reconsider long standing beliefs if need be

and certainly don't take my posts as gospel - consider why institutional investors have left Centamin , even as the price of gold is near record highs

https://ca.marketscreener.com/quote/stock/CENTAMIN-PLC-9730915/company/

What is investing in shares of a company other than opinions of the future?

no crystal ball in my office but if you follow Egypt politics you will have plenty to worry about for Centamin's future

as I said earlier there is a dispute between the gov't and Centamin over $100 million USD in alleged lost revenue that Centamin will need to pay back -

- as well as $100 million USD in arrears owing from the Central Bank of Egypt from monthly gold purchases

there is no way for Centamin to win in either instance except to walk away from Sukari and without another backup source of income they are well and truly screwed

I think the idiom is 'try not to stoop to it' as opposed to 'rise to it'

unless of course my input is higher than DASUT's , in that case , carry on friend, carry on

Egypt Announces *Strategic Gold Extraction Project in Aswan with an Investment of 350 Million EGP

May 26, 2024

In a move that reflects the Egyptian government’s commitment to accelerating industrial development and *enhancing integration among companies in key economic sectors, Shalateen Mineral Wealth Company, under the leadership of geologist Sherif El-Shahawi, has signed a contract with Gas Egypt, headed by engineer Wael Goweid, to establish a major industrial complex for gold extraction tailored for artisanal mining in the Dahmit area of Aswan Governorate

The event was attended by Dr. Abdul Majid Mohammed, Vice President of Shalateen Company, alongside several senior leaders of Gas Egypt, clearly indicating the importance the state places on this project

The contract, valued at over 100 million EGP, represents one of the strategic steps to develop the industry and mineral wealth in Egypt, as the new complex is among the ambitious projects the government seeks to achieve within its comprehensive sustainable development plan

This partnership reaffirms the state’s approach to encouraging cooperation between various public and private companies to achieve economic and social development goals, highlighting efforts to achieve industrial integration and stimulate investment in less developed areas, thereby ensuring a fair distribution of resources and opportunities across the republic

https://elbarima.com/egypt-announces-strategic-gold-extraction-project-in-aswan-with-an-investment-of-350-million-egp/

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my thoughts :

Carefully note the Egyptian govt's choice of words in this public announcement:

"enhancing integration among companies in key economic sectors"

&

"strategic gold extraction project"

integration & strategic = national goals = control the domestic gold supply

this has been the motive behind a) running up the past due tab between Centamin & the CBE

b) demanding $100 million from Centamin in lost govt revenue thru ongoing audits

the writing is on the wall, sell

But I'll stick with my own contacts

"I didn't say it was planned I said it will have been planned"

wow

If you are wondering about Egypt's inability to fund a takeover of Sukari - look no further than a new ownership via Ruzzia conglomerate Rosatom - whom Sisi is having build his nuclear plant in Dabaa

Rosatom is avoiding international sanctions due to its involvement in such energy projects while at the same time supplying Ruzzia's war machine thru back channels

"Rosatom has actively acquired tech companies, both domestic and foreign, to acquire the technologies needed by Russia’s military sector. For example, it now owns 98% of the shares of the South Korean battery manufacturer Enertech, which will help Russia establish a steady supply of high-quality batteries"

"Rosatom has acquired one of Russia’s largest producers of titanium and zirconium, the Ilmenite Tougan Mining and Processing Plant, and one of Russia’s biggest software developers, Security Code LLC. It has also acquired the shipping company Fesco, which accepts payment in Chinese Yuan to avoid sanctions.

Rosatom also ranks second in terms of global uranium reserves, especially after it acquired a 49% share of a major Kazakh mining operation in 2023. Major Russian propaganda and subversion efforts in the Global South – like in Niger, whose mines account for 25% of uranium imports to the European Union – threaten to derail global energy security and increase reliance on Russia.

One of the secrets of Rosatom’s success is that it provides its clients with Russian government loans and assistance from design and construction to staff training. For example, the following were financed by Russian government loans: the Astravets Nuclear Power Plant (NPP) in Belarus ($10 billion), the Rooppur NPP in Bangladesh ($11.38 billion), the El-Dabaa NPP in Egypt ($25 billion), and the Paks II NPP in Hungary ($10.72 billion).

Cooperation between the Russian military and the country’s nuclear industry has actively expanded in recent years: Rosatom is developing standardized ammunition for the T-14 Armata tank; the Troitskii Institute of Innovative and Thermonuclear Research helped develop technology to increase the service life of artillery barrels; Rosatom’s Institute of Scientific Instruments showcased a system for detecting drones at the Russian Defense Ministry’s ARMY forum in 2023; the Novator Design Bureau and the All-Russian Research Institute of Experimental Physics jointly developed the Burevestnik nuclear-powered cruise missile.

Recent steps taken by the U.S. to impose sanctions on Russia’s nuclear industry are encouraging. However, there are just under 15 Rosatom companies included on American sanctions lists, while Rosatom is comprised of over 360."

--- So it could be nationalization by indirect means --- gold would suit Putin

https://kyivindependent.com/opinion-russias-nuclear-giant-is-falling-through-the-sanctions-cracks/

You speak as if you know something about Sukari and its day to day operations - but sadly you don't ,

and worse, you aim to give shareholders a false sense of security - most recently advising that this slewring change out on their giant cat shovel was planned - which it wasn't

please refrain unless you can provide backup details - or ask somebody who works at Sukari in heavy equipment maintenance (had just worked at maintenance at Sukari )

https://www.linkedin.com/in/motaz-fawzi-226ab2124/

otherwise you come off as a shill for Capital - which helps nobody except maybe yourself

New job, changing the hydraulic mining shovel slewring

Mantrac Egypt

Caterpillar Inc.

SUKARI GOLD MINES

https://www.linkedin.com/posts/moataz-khaled-718788205_new-job-changing-the-hydraulic-mining-shovel-activity-7197579848590995456-y1EF

CAIRO – 20 May 2024: Minister of Finance, Mohamed Maait, has revealed projections for Suez Canal revenues, to decline by around 60 percent due to tensions in the nearby Red Sea.

In a statement, Maait highlighted the impact of global and regional crises on Egypt's economy, particularly through soaring inflation.

He emphasized that the expenditure on supporting petroleum resources has surged, nearing LE 200 billion.

This rise can be attributed to the global price hike, escalating shipping costs, and the fluctuation in the exchange rate against the dollar.

Maait confirmed that the increase in public expenditures has accompanied the decline in Suez Canal revenues.

The minister explained that the state treasury faces additional burdens, including higher financing costs driven by rising interest rates and exchange rate changes.

https://www.egypttoday.com/Article/3/132413/Suez-Canal-revenues-to-decline-by-60-amid-regional-tensions

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Seizing gold assets may become a 'strategic imperative' as Egypt's economy implodes... Sisi may even hand it over to a Ruzzian conglomerate seeking 'better management' of assets - the Capital waste contract cited as an unjustified expense - gov't officials are talking about it

Additionally nobody asked Mr Horgan how much the CBE now owes Centamin from historic gold 'purchases' $100 million ++ ? Centamin shareholders are in a deep sleep, avoiding reality

Cuz he sounds afully like a troll for the dirty corporation monkeez -

and what ever happen to Steve-o? Suppose MrBond/Mizolgit/Steve got tired of all his multiple personalities -

Alt link

Published in the Egyptian media m ((cue Siko response to the contrary!))

May 7, 2024

Sayed Al-Abnoudi

Despite the tireless efforts made by Engineer Tarek El Molla, Minister of Petroleum and Mineral Resources, in confronting the challenges facing the sector, some officials in the ministry and companies are moving very slowly, which hinders finding solutions to any problems.

Many company heads also make efforts to solve the outstanding problems, but they encounter neglect from the minister’s assistants and assistants regarding administrative, structural, legal, and decision-making affairs.

In this context, we review five main issues that deserve urgent attention from the Ministry of Petroleum

Transforming the Mineral Resources Authority into an independent economic body, as the Mineral Resources Authority still suffers from bureaucratic entanglement, as it is linked to more than one ministry, which hinders the flexibility of its work and the independence of its decisions.

Despite President Abdel Fattah El-Sisi’s emphasis on the importance of transforming it into an economic body, this transformation has not yet occurred, which leads to continued restrictions that hinder the optimal exploitation of Egypt’s mineral resources. Transforming it into an independent body under the umbrella of the Ministry of Petroleum will give it the ability to make decisions.

Moreover, hundreds of workers in the EMRA are still receiving less than the minimum wage for many years. It is necessary to take this situation into account and address the Ministry of Finance to grant them their rights, and avoid the routine followed in the Ministry, as this can be achieved either by providing them with fixed contracts or increasing their salaries through the companies affiliated with the Authority and various projects

As thousands of workers have been working under the name “contractor labor” for many years, without enjoying job stability or social security, the sector must strive to legalize their conditions and provide them with fixed employment contracts, this step would spare the sector significant financial losses that would go to the intermediary contractor without any significant effort, ensuring the provision of millions of pounds that could be better invested in serving these workers.

(( That's a direct critique of Capital's 'wasteful $$' middleman status - a tad too late! - which made Capital's execs tens of millions at the expense of Centamin shareholders & quite frankly, at the expense of Egyptian 'contract' workers who missed out on benefits ))

Companies such as Centamin and Barrick are supposed to be at the forefront of the global forces investing in the Egyptian mining sector, but due to the delay in signing exploitation contracts, despite more than two years of negotiation, these companies are still unable to invest their capabilities in Egypt.

the complete article

https://www.linkedin.com/feed/update/urn:li:activi

We are pleased to announce the appointment of Mr. Josef El-Raghy as Executive Chairman of Wia Gold Limited, effective April 18, 2024.

With a proven track record in the industry, Josef previously served as Chairman and CEO of Centamin plc, leading the company's journey from junior explorer to a globally substantial gold miner with a market capitalization exceeding $4 billion. Under his leadership, Centamin successfully developed the world-class Sukari Gold Mine in Egypt, generating substantial returns for shareholders.

We also extend our gratitude to Mr. Steven Michael for his service as a Non-Executive Director, as he steps down in order to allow Wia to maintain its streamlined Board size. Mr Andrew Pardey and Mr Mark Arnesen remain on the Wia Board as Non-Executive Directors.

https://wiagold.com.au/

Naturally, Pardey & El-Raghy both granted millions & millions of no cost shares.